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Investing.com – Wall Street plunged amid late selling Friday, even as the United States’ economic battle against the Covid-19 pandemic received a major boost on the House of Representatives passing the $2 trillion economic rescue package.
The Dow fell 4.06%, or 915.39 points. The S&P 500 lost 3.37% and the Nasdaq Composite fell 3.79%.
President Donald Trump signed the $2 trillion stimulus package just after market close. It’s the largest aid package in U.S. history and one that many hope will go a long way to ensuring the economy bounces back quickly from a widely-expected recession.
The key measures of the bill include fiscal support to small as well as large businesses, and checks to ordinary Americans at time when the U.S. infections of Covid-19 have topped 90,000, above China’s 81,000 and Italy’s nearly 87,000.
The aviation sector, which is in desperate need of help, remained under pressure, with United Airlines (NASDAQ:UAL) and American Airlines (NASDAQ:AAL) falling sharply on concerns the government support included in the stimulus bill will not offset a prolonged slump in travel demand.
Energy and technology stocks were among the biggest declines amid late-day selling as investors remain wary of holding onto bullish bets over the weekend amid the ongoing Covid-19 pandemic.
Energy slumped 7%, paced by a decline in oil prices on fears of deeper virus-led weakness in oil demand at a time when Saudi Arabia and Russia are engaged in a price war.
